Beverages & Snacks sales in Western Europe declined by 5 percent in the 4-week period ended July 10, 2016, with volumes down 4 percent, Bernstein’s Ali Dibadj said in a report. While sales of beverages in Western Europe were down 8.1 percent, with a 7.4 percent decline in volumes, sales of snacks in the region rose 5 percent, with volumes up 6.9 percent.

Coca-Cola Results

The Coca-Cola Co (NYSE: KO) witnessed a decline of 7.3 percent in its brands during the 4-week period, which was better than its category performance of a decline of 8.1 percent. Analyst Ali Dibadj added that volumes were down 3.6 percent, implying a negative price mix. The company gained market share in Mineral Water, while NCFDs were flat, and lost share in Sports & Energy Drinks as well as CFDs.

Dibadj maintained an Outperform rating on the company, with a price target of $49.

Pepsi Results

PepsiCo, Inc. (NYSE: PEP) recorded a decline in sales of 4.7 percent in Western Europe during the 4-week period, which was worse than its participating categories, which declined 3.3 percent. Volumes were down 3.5 percent, implying a negative price mix.

Dibadj maintained an Outperform rating on the company, with a price target of $118.

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